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Sunday, 12 August 2018

Polyserve eyeing IPO, Ferchem acquisition

IPO WATCH- Polyserve considers plans for an IPO : Fertilizers producer Polyserve Group is considering an initial public offering on the EGX, according to a disclosure to the EGX (pdf) from the International Agricultural Products Company (IAPC) — which owns 20.4% of Polyserve. The IAPC is also studying a plan to raise its stake in publicly-traded Ferchem Masr for Fertilizers and Chemicals (FERC) to 100% from 15.7%, “either directly or indirectly” by buying shares through a subsidiary, according to the statement. The disclosure notes that these plans are still under review with no concrete action having been taken as of yet. For its part, FERC issued a regulatory filing (pdf) stating that it has not received any acquisition offer as of yet.

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